Dremca:
I won't complain of electricity since am into tech niche but cost of data in Nigeria is still far expensive.

I won't argue about the cost of data.

BUT as a budding entrepreneur have you pondered a potential business scheme to take an opportunity of this?

Let me give out some freee ideas.

1) Why do Nigerians think they have to only work form 8 to 5? Why not 11PM to 8AM when things are relatively cheaper?

2) Nigeria shuts down pretty much at night, comparatively. Why not approach data providers to sell you a block of data in the offshifts that you can resell under you own brand?

Does this sound hard?

EgunMogaji:


It would not be possible without three things

1) Internet - based on the business that you're in, the internet makes it just as if you're on the other side of town.

2) Banking - it's easier now to do electronic banking. With a global bank account, deposits can flow in and you can get alert on your phone anywhere in the world, verify via internet banking from anywhere in the world. You can also make transfers to vendors from anywhere in the world. Make sure you run a "No Cash" business. This is important.

3) Trusted Person - you need a trusted person on the ground. You need to treat this person very well. My person gets a bigger share of deals than me the owner of the investment But I'm okay with that.

Just be creative, treat your partner well, don't let anyone touch your money. Bank deposits only.

Good luck.

Enlightening, Thanks alot, I really appreciate.

EgunMogaji:


It would not be possible without three things

1) Internet - based on the business that you're in, the internet makes it just as if you're on the other side of town.

2) Banking - it's easier now to do electronic banking. With a global bank account, deposits can flow in and you can get alert on your phone anywhere in the world, verify via internet banking from anywhere in the world. You can also make transfers to vendors from anywhere in the world. Make sure you run a "No Cash" business. This is important.


3) Trusted Person - you need a trusted person on the ground. You need to treat this person very well. My person gets a bigger share of deals than me the owner of the investment But I'm okay with that.

Just be creative, treat your partner well, don't let anyone touch your money. Bank deposits only.

Good luck.

What type of business do you have?

Babyvet:


What type of business do you have?

As stated earlier, I provide solutions to customers.

EgunMogaji:


It's not impossible to open a business in either locale. If doing business was easy then everyone would be doing it. It does require some internal fortitude, dedication and sticktoitveness.

I do various things but I like to identify myself as a Customer Solutions Provider

Vague? You betcha. But that doesn't matter a much as everyone following their own dreams and ideologies.

Basiljoe:

Enlightening, Thanks alot, I really appreciate.

You're welcome.

Various things have been useful to me on this thread to.

EgunMogaji:


I won't argue about the cost of data.

BUT as a budding entrepreneur have you pondered a potential business scheme to take an opportunity of this?

Let me give out some freee ideas.

1) Why do Nigerians think they have to only work form 8 to 5? Why not 11PM to 8AM when things are relatively cheaper?

2) Nigeria shuts down pretty much at night, comparatively. Why not approach data providers to sell you a block of data in the offshifts that you can resell under you own brand?

Does this sound hard?

egunmogaji please can you explain number2 better, I don't really get it

This is a good idea and this brings up the issue of funding a startup

EgunMogaji:


I won't argue about the cost of data.

BUT as a budding entrepreneur have you pondered a potential business scheme to take an opportunity of this?

Let me give out some freee ideas.

1) Why do Nigerians think they have to only work form 8 to 5? Why not 11PM to 8AM when things are relatively cheaper?

2) Nigeria shuts down pretty much at night, comparatively. Why not approach data providers to sell you a block of data in the offshifts that you can resell under you own brand?

Does this sound hard?

And that could be the issue of trust and get-rich-quick mentality if am correct

EgunMogaji:


I had no issues, none at all.

Here's the shocker. Get ready for it.

The most issues that I've had in my entire over 30 years here has been at the hands of African Americans. I will take a white person over most black people.

There, I've said it. Get out the pitchforks but please no Tesla Flamethrowers

Dremca:
And that could be the issue of trust and get-rich-quick mentality if am correct

I wasn't bothered enough to think too deep about it.

I think though that there's a resentment because most Nigerians specifically do very well and we thrive here like a water side yam tuber.

When I left Nigeria in 86 I have never set my eyes on a computer before and I actually came to the US to earn my commercial pilots license but once I discovered computers here then I switched majors immidiately.

Though I read on here of Nigerians washing "corpers" etc but we have a lot of Nigerians in very high places in the USA.

So my advice to folks is to keep their eyes on the ball.

hammed71:
egunmogaji please can you explain number2 better, I don't really get it

Sure.

I am trying to encourage folks to think outside the box.

To nto limit themselves to opening their own business from 8am to 5pm like almost 100% of business owners in Nigeria.

Think of opening in an offshoot like from 11PM at night to 8AM in the morning. Data should be cheaper then, I have heard of some providers offering night promotion.

For a budding entrepreneur with backing by serious investors, you can approach say GLO and ask to see their data time usage. I bet that you will see that they are not selling as much data at midnight to 5 AM. So you can buy bundles of data from them that is only useful in that time period. You can then resell that data under your own brand.

Virgin, and a lot of the prepaid phone companies do these in the USA even. They do not have cell towers but piggyback off of the big names like Sprint, ATT, etc

Perhaps this is going being the scope of this thread but I just want to encourage you folks to think out of the box.

EgunMogaji:


As stated earlier, I provide solutions to customers.

What is that ?

Dremca:
This is a good idea and this brings up the issue of funding a startup

There's investment money available in Nigeria for startups but as most things in Nigeria due to fraud, epileptic electricity, etc then you have to have a solid business plan.

I'm leveraging my retirement fund for my own businesses. Sort of putting my money where my mouth is.

One can always tone down the level of their businesses to the available funds.

The likes of Chinedu Echeruo, the Nigerian born US immigrant who sold who sold his software for $1b to apple inspires me alot

EgunMogaji:


I wasn't bothered enough to think too deep about it.

I think though that there's a resentment because most Nigerians specifically do very well and we thrive here like a water side yam tuber.

When I left Nigeria in 86 I have never set my eyes on a computer before and I actually came to the US to earn my commercial pilots license but once I discovered computers here then I switched majors immidiately.

Though I read on here of Nigerians washing "corpers" etc but we have a lot of Nigerians in very high places in the USA.

So my advice to folks is to keep their eyes on the ball.

The country doesn't have a friendly environment to encourage startups. One has to know someone to access those business fundings.

EgunMogaji:


There's investment money available in Nigeria for startups but as most things in Nigeria due to fraud, epileptic electricity, etc then you have to have a solid business plan.

I'm leveraging my retirement fund for my own businesses. Sort of putting my money where my mouth is.

One can always tone down the level of their businesses to the available funds.

Dremca:
The country doesn't have a friendly environment to encourage startups. One has to know someone to access those business fundings.

Nigeria also does not have a national identification method and a credit rating mechanism.

In the US I have a social security number that is tied into my business and my individual credit rating is used to ascertain my potential payment of business loans.

So, until we have a mechanism in place to do all that then we need to rely on introductions.

2b. Advantages and Disadvantages of Partnerships

Advantages
Ease of Organization
It requires little more than drawing up an article of partnership. The name of the business should be registered with the state.
Availability of Capital and Credit
Partnerships have the benefit of the combination of talents, skills, and pooled financial resources. Because of this there is greater earning power and better credit ratings. Professional partnerships tend to make larger profits.
Combined Knowledge and Skils
It is thought that partnerships that realize each other's talents and strenghts are more sucessful. This strategy tends to avoid conflict and confusion by specializing in a particular area of expertise.For example if one partner stength is accounting or marketing, let that partner utulize this strength. Having a diversity of skills in a partnership makes it possible for the partnership to be run by a management team of specialists. Partnerships in service oriented fields such as accounting and law usually attract more clients because they think that the quality of services received are better than a service provided by one person in a sole proprieorship.
Regulatory Controls
Partnerships have fewer regulatory controls affecting its activities than a corporation. Partnerships do not have to file public financial statements with government agencies like corporations. Neither does a partnership have to send out quarterly statements to its shareowners like a corporation.
Partners in a partnership pay taxes at the rate for individuals.

Disadvantages
Unlimited Liability
In general partnerships, the general partners have unlimited liabilty for debts incurred by the business. Limited partners only lose their initial investment.
Business Responsibility
All partners are responsible for the business actions of all others. A bad decision by one partner can put the other partner's personal resources in danger. Likewise personal problems such a divorce can also put a partner's personal resources in danger.
Life of the Partnership
A partnership is ended when a partner dies or leaves the partnership. When a partner leaves, the remaining partner has to either find another partner or reorganize as a sole proprietorship.
Distribution of Profits
The profits earned in a partnership are distributed amongst the parnters according to the proportions set in the articles of partnership.
Limited Soures of Funds
The sources of funds available to a partnership are limited. Partnerships may have to pay higher interest rates on business loans than large corporations.

Next time Corporations. This will be broken into several posts.

3. Corporations
This type of business structure is a legal entity that is created by the state. The assets and liabilities are separate from its owners. Since it is a legal entity, it has many of the same rights of a person, such as receiving, owning, and transferring property. A corporation can enter into contracts with individuals as well as other legal entities and can sue and be sued in court.
Much of the U.S's sales and income go into corporations.
Corporations are usually owned by many individuals who own shares of the business called stock. These individuals who own stock are called shareowners, stockholders, or shareholders. All stockholders are entitled to all profits that are leftover after all the other obligations of the corporation have been paid. When this money is paid out, it is distributed as dividends.

There are 2 types of corporations. Private and public corporations

Private corporations are owned by just one or a few people who are all closely managing the business. These people all own all of the corporation stock and no stock is sold to the public. The most common type of private corporations are family owned businesses. Other examples are Toysr R us and Mars, which is the company responsible for candies such as M&Ms. Private corporations do not have to disclose financial information publicly but must still pay taxes. A Public corporation is a corporation in which anyone may buy, sell, or trade the stock of that corporation. Public corporations must disclose financial information to the public. Examples of public corporations are Amazon. In addition, corporations owned by the government are quasi-public corporations, such as the post office. Non-profit corporations are another type of a public corporation.

Next Advantages and Disadvantages of Corporations

3b. Advantages and Disadvantages of a Corporation
Limited Liability
The corporation's assets( money and resources) and liabilities( debts) are separate form the owner's. So in most cases, the owner is not responsible for the firm's debt if the business fails. The potential loss of the owner is limited to the original amount of the investment.
Ease of Transfer of Ownership
The transfer of ownership doenst have a daily or long term affect on how the business will continue to operate. Also stockholders can do what they want with their shares without causing the end of the corporation.
Perpetual Life
A death or withdrawal of any of its stockholders does not threaten the existence of the corporation. It survives until the owner's sell its assets. The exception to this is bankrupticies.
External Sources of Funds
Of all the forms of business organization, this type of structure has an easier tie raising money. When a corporation needs to raise money, it can sell stock shares or issue bonds(this is a corporate IOU.) By being able to do this, funds can be raised overseas as well as in the states. The larger a corporation, the more sources of funds that are available.
Expansion Potential
Since larger corporations can get financing easier, it is easier for them to expand into national and international markets.

Disadvantages
Double Taxation
When after tax corporate profits are paid out as dividends to the stockholders, the dividends are taxed a second time as part of the indiviudal owner's income. So this causes double taxation.
Forming a corporation
Forming a corporation can be costly. A charter has to be to obtained and this usually requires an attorney, translation legal fees. A charter is legal document that the state issues to a company which is based on the information in the articles of incorporation. There are internet services that do provide charters.
Disclosure of Information
Corporations have to share fianancial information to its owners, which is usually an annual report to the shareholders. Profits, sales, equipment, debt, plans for the future, operations of the corporation have to be included in this report. Also, public corporations have to file reports with the SEC (Securities and Exchange Commission) Because this information is public, competitors can also access it.

Next- Limited Liabilty Corporation

3c Limited Liability Corporation or LLC

This is in my opinion the best structure of business ownership for the everyday business owner. It provides the limited liability like a corporation. Your personal assets are separate from the business, so if there is a lawsuit, the member's personal assets are protected. It also avoids the double taxation of a traditional corporation. It is taxed like a partnership. LLCs have fewer restrictions, they do not have to hold annual meetings, keep minutes, or make resolutions, which are all required for traditional corporations. LLC's blend the best of corporations and partnerships. Professionals such as lawyers, doctors, engineers, construction, often use this form of business ownership. An example is Domino's Pizza.

Aretha Franklin March 25,1942-April 16,2018.
For more than five decades, Franklin was a singular presence in pop music, a symbol of strength, women’s liberation and the civil rights movement. Franklin, one of the greatest singers of all time, died Thursday of pancreatic cancer, according to her publicist, Gwendolyn Quinn.
“It is with deep and profound sadness that we announce the passing of Aretha Louise Franklin, the Queen of Soul,” Quinn said in a statement. “Franklin … passed away on Thursday morning, August 16 at 9:50 a.m. at her home in Detroit, MI, surrounded by family and loved ones. In one of the darkest moments of our lives, we are not able to find the appropriate words to express the pain in our heart. We have lost the matriarch and rock of our family. The love she had for her children, grandchildren, nieces, nephews, and cousins knew no bounds.
“We have been deeply touched by the incredible outpouring of love and support we have received from close friends, supporters and fans all around the world,” Quinn added. “Thank you for your compassion and prayers. We have felt your love for Aretha and it brings us comfort to know that her legacy will live on. As we grieve, we ask that you respect our privacy during this difficult time.”
“Aretha Franklin was one of the most iconic voices in music history and a brilliant artist,” Franklin’s record label Sony Music said in a statement. “Over the course of her decades-long career, which included many years with the Sony Music family, she inspired countless musicians and fans, and created a legacy that paved the way for a long line of strong female artists.”
In 2009, she sang at Barack Obama’s Presidential inauguration, which was a triumphant moment for the Civil Rights movement that her music had influenced. “When it comes to expressing yourself through song, there is no one who can touch her,” Mary J. Blige told Rolling Stone in 2008. “She is the reason why women want to sing.”

Franklin's career spanned six decades and received over 44 Grammy nominations, winning 18. She became the first woman to be inducted into the Rock and Roll Hall of Fame in 1987.



Article uploaded from Rolling Stone Magazine
https://www.rollingstone.com/music/music-news/aretha-franklin-queen-of-soul-dead-at-76-119453/

Everyone by now knows the importance of having a savings account or emergency fund. With expenses and sometimes unplanned events it may be hard to do. One solution for you may be a high interest savings account.
The average savings account pays 0.25 percent APY, according to Bankrate’s most recent national survey of banks and thrifts. Many of the country’s biggest banks pay less than that. For example my bank is 0.10%
If you do not have a savings account already or wanting to change from a low interest earning one, I have included a link from Bankrate.com as of August 2018 that has the highest saving interest rates. They range from 1 to 2 %.
What is a high- yield savings account
High-yield savings accounts are a type of deposit account that can be found at both online and traditional banking institutions. These financial tools typically pay a higher interest rate than traditional savings accounts and almost always offer better returns than checking accounts.

Here are just a couple of the biggest financial benefits of high-yield savings accounts:
Higher APYs: High-yield savings accounts generally offer significantly higher interest rates than traditional savings products. That means you can earn more on your money and meet your savings goals faster.
No or low fees: High-yield savings accounts tend to come with no monthly fees and low fees for things like having nonsufficient funds. That’s especially so with high-yield savings accounts found at online banks.

Here is the link to do further research and to see rates.
https://www.bankrate.com/banking/savings/best-high-yield-interests-savings-accounts/

Hello egunmogaji. Thanks for sharing the much info you have on here.

Did you ever nurse any political ambitions in the US? If no,why?

Do you plan to get involved in Nigerian politics when you settle here?

Thank you

peterphd:
Hello egunmogaji. Thanks for sharing the much info you have on here.

Did you ever nurse any political ambitions in the US? If no,why?

Do you plan to get involved in Nigerian politics when you settle here?

Thank you

My lifestyle is way too laid back to be involved in politics. Also as a first generation immigrant I was too busy with regular life. I watch my children now though and I am very proud of the fact that I created a comfortable foundation for them so they can take time to pursue some of those things that I didn't have the opportunity to pursue. This is what life is all about as far as I am concerned.

I still won't get into politics when I get back to Nigeria. My ideologies and solutions will not be mainstream and will be tremendously unpopular. I think the younger generation should be given a chance. Nigeria desperately needs a Kennedy, a Bush or an Obama. A younger and educated President can do wonders especially when you couple it with a senior council of elders like Gowon, Soyinka, etc It doesn't need someone like me.

I'll be too busy anyways in my retirement with checking off my bucket list by traveling across Africa by land and other activities such as running a foundation that I am setting up to give back to the rural communities that I grew up in. I will prefer to be an unknown element, a recluse of sorts. I don't desire nor cherish the limelight.

If I can't have the ability to sit down at a joint with friends and drink beer then "What Is Life?"

Thanks.

EgunMogaji:
IMHO, starting and running a business in the US is absolutely very easy.

Hear me out.

Unlike in Nigeria, the process is well detailed, the forms necessary are easily accessible, the fees are specific and doesn't change based on who you know.

I have businesses (not conglomerate but business none the less) both in Nigeria and USA and I speak from experience.

People also need to understand that the US is such a big place and that various municipality have their own rules and regulations.

Federal law
State law
County law
City law
Subdivision rules and regulations if in one.

In Nigeria we pretty much have federal law it seems.

One of the other things I want to impress on people is that where you leave, friends you keep and generally things that you do will dictate how you will coexist.

It's a pretty free society. I haven't spoken to a police officer since I came back to California in 2010. My Wife joined me here in 2013 and have never spoken to a police officer. I drove from Ibadan to Ijebu Ode last year and there were maybe 5 or 6 checkpoints. Seriously!

Infrastructure is pretty solid. Yeah we have some bad roads here and there.

Though I have been accused of discouraging people to migrate but it is not so. My whole deal is to migrate legally. It just makes things a lot easier.

On credit, it is very useful but one must be disciplined. I have credit cards with 0% interest for 18 months to 2 years. Basically free money to use while I earn interest on my savings. If you are disciplined to pay it off before the 18 months i sup then you're good. I just pity those that don't know how to use credit as they're selling themselves short in a credit society.

A good credit record affects the following:

Car insurance
Employment
Housing
Utilities (they can then ask for a hefty deposit but won't deny you service)

So you can see that it's not a play thing. You can't get a job in a bank if you have bad credit.

If you see your Americana friend with a iPhone X or S9 then one of three things. He bought it cash for about $1,000, he has good credit so that he got 0% rate or he has bad credit and he's paying ridiculous interest rate.

If you're a car freak like me then it is very easy to indulge yourself in the car hobby. America is not a country where if you have a 2000 Accord people will think you're piss poor like they would look at you in Nigeria. You can drive a very clean, very good and dependable car for under $1,000

Goo luck to all aspirants. Its a very good place to be a normal human being but you have got to hustle.

i Love The Last Statement " but you have got to Hustle"

Many feel dollars grow on trees..

Shed more light on C-Corporation and S-Corporation. From the information I got, S-Corp enjoy more tax privileges and its only open to PR/Citizens.

Backfornow:
3c Limited Liability Corporation or LLC

This is in my opinion the best structure of business ownership for the everyday business owner. It provides the limited liability like a corporation. Your personal assets are separate from the business, so if there is a lawsuit, the member's personal assets are protected. It also avoids the double taxation of a traditional corporation. It is taxed like a partnership. LLCs have fewer restrictions, they do not have to hold annual meetings, keep minutes, or make resolutions, which are all required for traditional corporations. LLC's blend the best of corporations and partnerships. Professionals such as lawyers, doctors, engineers, construction, often use this form of business ownership. An example is Domino's Pizza.

At least your children will be privilege to become presidents since they were born in the US.

EgunMogaji:


My lifestyle is way too laid back to be involved in politics. Also as a first generation immigrant I was too busy with regular life. I watch my children now though and I am very proud of the fact that I created a comfortable foundation for them so they can take time to pursue some of those things that I didn't have the opportunity to pursue. This is what life is all about as far as I am concerned.

I still won't get into politics when I get back to Nigeria. My ideologies and solutions will not be mainstream and will be tremendously unpopular. I think the younger generation should be given a chance. Nigeria desperately needs a Kennedy, a Bush or an Obama. A younger and educated President can do wonders especially when you couple it with a senior council of elders like Gowon, Soyinka, etc It doesn't need someone like me.

I'll be too busy anyways in my retirement with checking off my bucket list by traveling across Africa by land and other activities such as running a foundation that I am setting up to give back to the rural communities that I grew up in. I will prefer to be an unknown element, a recluse of sorts. I don't desire nor cherish the limelight.

If I can't have the ability to sit down at a joint with friends and drink beer then "What Is Life?"

Thanks.

We will still appreciate more inputs on the challenges faced by blacks or African Americans in running a business especially in silicon valley

EgunMogaji:
IMHO, starting and running a business in the US is absolutely very easy.

Hear me out.

Unlike in Nigeria, the process is well detailed, the forms necessary are easily accessible, the fees are specific and doesn't change based on who you know.

I have businesses (not conglomerate but business none the less) both in Nigeria and USA and I speak from experience.

People also need to understand that the US is such a big place and that various municipality have their own rules and regulations.

Federal law
State law
County law
City law
Subdivision rules and regulations if in one.

In Nigeria we pretty much have federal law it seems.

One of the other things I want to impress on people is that where you leave, friends you keep and generally things that you do will dictate how you will coexist.

It's a pretty free society. I haven't spoken to a police officer since I came back to California in 2010. My Wife joined me here in 2013 and have never spoken to a police officer. I drove from Ibadan to Ijebu Ode last year and there were maybe 5 or 6 checkpoints. Seriously!

Infrastructure is pretty solid. Yeah we have some bad roads here and there.

Though I have been accused of discouraging people to migrate but it is not so. My whole deal is to migrate legally. It just makes things a lot easier.

On credit, it is very useful but one must be disciplined. I have credit cards with 0% interest for 18 months to 2 years. Basically free money to use while I earn interest on my savings. If you are disciplined to pay it off before the 18 months i sup then you're good. I just pity those that don't know how to use credit as they're selling themselves short in a credit society.

A good credit record affects the following:

Car insurance
Employment
Housing
Utilities (they can then ask for a hefty deposit but won't deny you service)

So you can see that it's not a play thing. You can't get a job in a bank if you have bad credit.

If you see your Americana friend with a iPhone X or S9 then one of three things. He bought it cash for about $1,000, he has good credit so that he got 0% rate or he has bad credit and he's paying ridiculous interest rate.

If you're a car freak like me then it is very easy to indulge yourself in the car hobby. America is not a country where if you have a 2000 Accord people will think you're piss poor like they would look at you in Nigeria. You can drive a very clean, very good and dependable car for under $1,000

Goo luck to all aspirants. Its a very good place to be a normal human being but you have got to hustle.

Totally agree with you.

I currently own two LLC's in the State of North Carolina.

The Process was simply straightforward.

You first choose a Business Name that is available then you file the necessary forms with the secretary of state.

The process is so easy that you don't need a Lawyer to do it for you.

It cost me roughly about $500 to start up my LLC's in the state of North Carolina

After establishing Your LLC's the next process is Obtaining an EIN for Tax purposes for your Business and then Opening a Business Checking Account.

I currently have Business Accounts across Big Banks including JP Morgan Chase, CitiBank, Capital One, Bank of America & Wells Fargo.

EgunMogaji:


Nigeria also does not have a national identification method and a credit rating mechanism.

In the US I have a social security number that is tied into my business and my individual credit rating is used to ascertain my potential payment of business loans.

So, until we have a mechanism in place to do all that then we need to rely on introductions.

I guard my Credit History like I guard my life.

My Credit History has really opened a lot of doors for me.

Currently My Credit Score is in the upper 700's

I remember getting my first ever credit card from Bank of America.

First one was a Cash Rewards Card for earning Cash Back & the second one was a Travel Rewards Card for earning Miles.

Both initially came with a $1000 . After using both cards for a year, I walked into the Bank and demanded to speak with a credit card specialist.

I informed her that I needed a Credit Limit increase on my cards since it has been over a year since I got them.

She then asked me how much limit I wanted and I said at least $5000 each on both cards.

She told me that she would have to call Corporate Office and My Credit History will be pulled.

She put the call through and it came back approved.

I nearly fall off my seat when I realized I now had about $10,000 in available credit from Bank of America.

LUCAS99:


I guard my Credit History like I guard my life.

My Credit History has really opened a lot of doors for me.

Currently My Credit Score is in the upper 700's

I remember getting my first ever credit card from Bank of America.

First one was a Cash Rewards Card for earning Cash Back & the second one was a Travel Rewards Card for earning Miles.

Both initially came with a $1000 . After using both cards for a year, I walked into the Bank and demanded to speak with a credit card specialist.

I informed her that I needed a Credit Limit increase on my cards since it has been over a year since I got them.

She then asked me how much limit I wanted and I said at least $5000 each on both cards.

She told me that she would have to call Corporate Office and My Credit History will be pulled.

She put the call through and it came back approved.

I nearly fall off my seat when I realized I now had about $10,000 in available credit from Bank of America.

Very nice.

I use to chase credit limits in the past but I now chase interest rates and miles. Move balances between cards.

My Wife opened a Delta American Express and was given 100,000 miles and 18 months 0% interest rate.

Does the credit score affect the possibility of getting funding from venture capitalist.

LUCAS99:


I guard my Credit History like I guard my life.

My Credit History has really opened a lot of doors for me.

Currently My Credit Score is in the upper 700's

I remember getting my first ever credit card from Bank of America.

First one was a Cash Rewards Card for earning Cash Back & the second one was a Travel Rewards Card for earning Miles.

Both initially came with a $1000 . After using both cards for a year, I walked into the Bank and demanded to speak with a credit card specialist.

I informed her that I needed a Credit Limit increase on my cards since it has been over a year since I got them.

She then asked me how much limit I wanted and I said at least $5000 each on both cards.

She told me that she would have to call Corporate Office and My Credit History will be pulled.

She put the call through and it came back approved.

I nearly fall off my seat when I realized I now had about $10,000 in available credit from Bank of America.

Please explain how the miles and interest rates work and ways of building credit score

EgunMogaji:


Very nice.

I use to chase credit limits in the past but I now chase interest rates and miles. Move balances between cards.

My Wife opened a Delta American Express and was given 100,000 miles and 18 months 0% interest rate.